Totaling Your Car After An Accident: The Insurance Ins and Outs

“Should I total my car?” Not a question you hear every day!  But today we did hear it – one of our forum members discussed a predicament regarding a car accident and the related damage.  Our forum members discussed what to do about the damage, and talked about certain pertinent facets of auto coverage.

The original poster had a 2012 Silverado purchased new in January 2013, and had put 10,000 miles on it when another vehicle hit it while parked. The car was pushed 7 feet and sustained $6,000 in damage.  After the impact, the transmission shifted differently, the power steering hummed, the brakes made the vehicle jump, and the rear wheel sporadically locked up.

Agents with auto expertise noted that the rule of thumb with regards to totaling a vehicle for most states was that the damage must meet or exceed 75% of the market value of the vehicle.   One agent noted, “If the damages to your vehicle do not meet or exceed 75% of value, there is no reason at all to total it. It just needs to be repaired. Be sure to mention all of the issues that you have noticed since the incident to your repair facility, so that everything related to the loss is repaired.”

A good post for those of us who might need to know how to address an accident like this.